Price decrease!! On this southern charm home that has been recently renovated to include a full downstairs basement suite with 3 carpeted bedrooms, 1 full tiled bath, family game room with a kitchenette, and full-size washer and dryer. 1324 sqft of living space!! It is below grade in the front of home but has windows on sides and back of home with a separate entry door. Outside is wood decking and a concrete patio overlooking a gorgeous view of the sunset over the backyard. Perfect for your in-laws, children, or investment opportunity. Newer carpet has just been professionally steamed cleaned. A 300 sqft one car finished garage/workshop is off the family room space with a new garage door, painted cement floor, and peg board walls. As you ascend to the next level, which is above grade and gives you the single story rancher appeal with 1624 sqft of 1st floor living space!. Three carpeted bedrooms, 2 vinyl floored baths, Wood floor family room, Carpeted living and dining rooms, eat in wood floored kitchen, newer appliances, Corian counter tops, and tile backsplash. Freshly painted ceilings and kitchen walls. Skylight natural lighting in den and hall bath. Huge expansive whole house upper deck off the back door welcomes evenings of sunset views of over 1 acre of prime hardwoods looking over the creek bed. If you like mountains, this certainly feels like your own mountain get away in the middle of Chester. This home has a full front porch, huge shed with concrete foundation, Double parking paved driveway leading down to the basement garage. Dominion Power just replaced all lines underground to all homes in the area. This 3248 sqft home with 6 bedrooms and 3 full bathrooms is ready for its next owners and/or an investors dream.
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
